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Seneca Casino Reports Huge Profit

NEW YORK – As reported by the Buffalo News: "Seneca Niagara Casino turned a profit of nearly $50 million in its first nine months of operation, according to confidential financial documents obtained by The Buffalo News.

"By way of comparison, that's about $14 million more than First Niagara Financial Group earned last year with 47 bank branches statewide. But it's only $12 million more than what New York State earned in shared revenue from the casino in its first full year of business.

"And if the profits from Western New York's first casino were divided among the 7,300 members of the Seneca Nation of Indians, they would amount to $6,844 per person.

"Individual Senecas won't get that kind of money, though. Seneca Nation President Rickey L. Armstrong said the tribe may provide a cash payment to its members this summer but has reinvested most of its casino profits in the Niagara Falls facility and a new casino being built in Salamanca.

"…The $50 million profit was what was leftover for the fiscal year ending Sept. 30 - after the casino paid $14.6 million in interest costs on its loans and after it budgeted for tens of millions of dollars in payments due to New York State, including $2.6 million for police services…"

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